Entrepreneurship
I’m An Expert Business Consultant, But Don’t Ask If You Can…
Hire Me, Unless You Have These 2 Simple Things in Place First.
Working with a consultant begins a transformative journey you will undertake together.
As a seasoned business consultant, I’ve honed a straightforward yet profound approach to determining if a prospective client is ready.
At the heart of this readiness are two simple, yet pivotal factors: a clearly defined SMART goal and a well-thought-out budget. Let’s break these down.
Understanding the Twin Pillars:
SPECIFIC (SMART) GOAL:
When entrepreneurs come to me, the first thing I look for is their goal. Not just any goal, but one that is Specific, Measurable, Achievable, Relevant, and Time-bound (SMART).
This precision isn’t just academic; it reveals an entrepreneur’s clarity of vision and depth of understanding regarding their own business.
For instance, a goal like “I want to increase my business revenue” is vague. In contrast, “I aim to grow my business revenue by 30% over the next 12 months by diversifying into two new product lines” shows a clear, actionable path.
This level of detail indicates that the entrepreneur is not only serious but also prepared for the journey ahead.
BUDGET:
Next is the budget. A candid discussion about budget early on tells me how committed and realistic the entrepreneur is. It tells me what we have to work with and how ambitious our strategy can be.
Without this, we’re like a ship trying to set sail without knowing the capacity of its fuel tank.
Are You Truly READY To Become A Client
In my experience, the readiness of a client to embark on a consulting journey with me significantly influences the outcome.
Those who come prepared with a SMART goal and a transparent budget are like navigators who know their destination and understand the waters they’re sailing. They show a readiness to engage constructively, embrace strategic recommendations, and are prepared for the commitments required.
Fears, Uncertainties and Doubts
Despite the straightforward nature of establishing a goal and a budget, many entrepreneurs hesitate, primarily due to two fears: fear of abusing their budget and uncertainty about their goals.
Fear of Overcommitting Budget:
Entrepreneurs often worry that if they disclose their budget, it will all be used up, or worse, they’ll be taken advantage of.
Some shy away from this topic, fearing that a consultant will max out whatever number they give. However, a budget is not about setting a spending limit; it’s a tool to prioritize resources and strategies effectively. This fear is not unfounded but needs reframing.
A budget is not just about how much you can spend; it’s about strategically allocating your resources for maximum return. It’s a commitment to your business’s growth.
A consultant uses this information to tailor strategies that align with both your financial constraints and your ambitions.
Without this, strategies may either be too timid, risking underutilization of resources, or too ambitious, risking financial strain.
Uncertainty About Goals:
Similarly, hesitancy in defining clear goals often stems from a lack of understanding of what’s achievable or a fear of committing to a specific target and not meeting it.
Unclear goals can lead to unfocused strategies that dissipate efforts rather than concentrating them for impact.
It’s Giving…Red Flags To Consultants
From a consultant’s perspective, these fears and uncertainties are red flags. They indicate a potential client might not be ready for the kind of committed, goal-driven partnership that yields the best results in consultancy.
- Budget Fear as a Red Flag: If an entrepreneur is reluctant to discuss or set a budget, it signals a lack of trust or commitment to the consulting process. This hesitation can handicap the planning phase, leading to strategies that are not optimized for financial efficiency or impact.
- Uncertainty in Goals as a Red Flag: Hesitation or vagueness in defining goals suggests an entrepreneur may not be fully prepared to embark on the business journey they’re considering. It raises concerns about their readiness to engage with the process and to make the necessary decisions and commitments.
Getting Help On Clarity Before Commitment
Entrepreneurs must understand the importance of overcoming these fears before seeking consulting services. A consultant’s role is not to define what a business should aim for or how much it should spend. Instead, they help to create a pathway towards best achieving the goals set by the business using available resources.
If there is hesitancy or lack of clarity in these foundational areas, the entrepreneur might first need to invest time and perhaps even resources in gaining clarity before seeking consultancy.
In some cases, entrepreneurs may choose to hire consultants specifically to gain clarity in these areas. However, they should do so with the understanding that this is a preliminary step — akin to preparing the ground before you begin to build.
This foundational work is crucial and should be viewed as a worthwhile investment in the business’s future.
What Clarity Looks Like
Let’s consider an actual case. A client approached me with an ambition to expand their financial business but was unclear on the specifics. My first task with them was to refine their goal into a SMART one. We determined to increase their sales to get 100 people to apply for a loan via telephone in 3 months through video-based YouTube marketing campaigns, press releases, social pages, blogging, and commercials on the local cable television networks.
With this goal in mind, we then outlined a budget that was realistic yet ambitious, covering marketing, new system integration, and logistics. This budget helped in prioritizing efforts and resources most effectively, ensuring that every dollar spent was a step towards their goal. Which they were able to achieve by following the blueprint I created for them.
Ask Yourself
If you’re looking to scale your business and wonder whether you’re ready for a consultant, ask yourself:
1. Do I have a specific, measurable, achievable, relevant, and time-bound goal?
2. Do I have a clear understanding of my budget?
Your affirmative answers will not only make you an ideal candidate for successful consulting but will also set the stage for a rewarding journey toward your business objectives.
As a consultant, these twin pillars guide me in selecting clients with whom I can build successful, result-oriented partnerships, ultimately leading to meaningful and sustainable business growth.
Get Started Scaling
While fears regarding budget and goals are understandable, they need to be addressed head-on. Entrepreneurs looking to hire consultants should come prepared with a clear goal and an open discussion about the budget or be willing to work with the consultant to establish these critical pillars.
As a consultant, identifying clients who understand and respect these aspects allows me to ensure that my efforts and expertise are contributing meaningfully towards tangible, achievable business outcomes.
The journey of scaling a business is exciting and challenging, and being equipped with clear goals and a well-defined budget is like having a compass and map in this adventure — essential tools for a successful voyage.
Ready to start the incredibly exciting journey of realistically scaling your business?
Contact your favorite consultant for help and get started scaling today!
